Regulus Therapeutics entered into a $30 million loan and security agreement with Oxford Finance. Proceeds from the loan will be used to provide additional working capital for the advancement of its clinical and pre-clinical development pipeline.
Regulus will receive $20 million after execution of the loan agreement, which will further support the acceleration of its broad Phase II clinical program for RG-101. Under the terms of the agreement, an additional $10 million tranche will be available to Regulus, subject to the achievement of certain specified milestones. The credit facility, which matures on June 1, 2020, provides for interest-only payments for the first 24 months of the term, and will bear interest at a rate equal to the sum of 8.51% plus the greater of 0.44% or the three month LIBOR rate.
La Jolla, CA-based Regulus Therapeutics is a biopharmaceutical company leading the discovery and development of medicines targeting microRNAs.